Regarding a non-current liability, which of the following statements is correct? Select the one correct answer: o If the market rate is higher than the contract rate, the bond is issued at a discount. O For instalment loans, monthly interest expense increases and the loan payable decreases over time. o If the effective interest rate is lower than the contact rate, the bond payable is credited. The bond interest expense can be calculated from the face value of the bond when the market rate does not equal the contract rate